thefiscalcliff. thepresident says no deal without raising taxes on the rich. melissa: the nations largest seaport complex at a near standstill for the eighth straight day. drake christopher is going to join us with how this could impact your holiday season. lori: i was just kidding, actually. bacon is kosher. i do not eat kosher. melissa: speaking of kosher -- lori: rubbing elbows with the royals. our next ambassador -- you are speechless. melissa: i do not know about that one. time for stocks now as we do every 15 minutes. nicole petallides is standing by. nicole: right now, we are seeing the dow jones industrial average down just 12 points. so far, we are having a losing week on wall street. let's see what happens at the end of the day. these moves are really fractional. the s&p down a third of a percent. december, traditionally, is the best month for the s&p 500 since 1950. we will see whether or not that seems to come to correlation. i want to take a look at some of the auto retailers. it turns out they are not doing so well with their sales. pat boys, in particular, revenue missing f

and that there really i don't believe is any effect from the supposed anxiety aboutthefiscalcliff. ithink people know there will be some type of resolution. we didn't know the details or when. but companies are still investing the way they would normally do and they're not stopping because of -- >> that doesn't make us quake a bit about the jobs report later this will week and what that does for investors' nerves? >> we know it will be worse than it would have been because of super storm sandy. so you didn't know how much it was to do with that and how much was the economy. so it will be a bit of a wash in terms of reading the tea leaves for the u.s. >> so the growth picture for the u.s., we sort of 1%, 2%, depending on what happens with the fiscal cliff. what do you think, 2.5%? >> yeah, i think we should be 2.5% to 3% by the end of next year. >> which might be a slightly better outturn. china seems to be back on track. is there anything in europe -- what's the tail risk at the moment? >> i think there's two things that could still go wrong in europe. one, there's always political risk. in ital

that we are now 28 days frrm going overthefiscalcliffwithno talks taking place between either side and more troubling, no talks scheduled between the president and house speaker. we take all of this up here tonight with former special assistant to president george w. bush, veteran democratic politicos strategist and republican pollster. president obama issued a warning to syrian leader declaring there will be consequences if syria uses chemical weapons on its own people. the president's steered clear of defining those consequences. egis political crisis is widening cajon. a general strike to protest the presence unrestricted new powers. in this country's hospitals that deadly new bacteria that is more than just drug-resistant, it is draw prevent spreading. just how high is that this book of? we begin tonight with the fiscal clef which produced more far spent progress rejecting the speaker of the house claim that no progress is being made >> the house speaker said on fox news sunday right now i would say we are nowhere in terms of the fiscal cliff negotiations. does the president ag

of kabuke theater. >> everyone got disgusted. nobody needs that image. >>thefiscalcliffwillcertainly be one of the main topics of discussion when president obama meets with some of the nation's governors today. actually i think they're meeting with vice president biden. then governors will be meeting with some of the congressional leadership, as well. but you guys are watching this, we know this is drama and theater. do you think a deal gets struck at the end of the day? >> i do. i have to say, i still think we'll get a last minute deal. i just cannot imagine that congress will allow to us go over the cliff. so i think the ramifications for the economy are too significant. i think we're watching whatever you want to call it, all of the politics playing out, but i still think in the end we'll get a last minute deal. >> i agree. and i think even though the sides are far apart, you have things on the table now. so you can say you're here at 800, 1.6, you kind of -- it gets you somewhere close. somebody will try to say 1.3 versus 1.1, but if you see publicly what they're stating and hope

of changes there. our road map this morning starts with the latest inthefiscalcliffnegotiations.the white house promptly rebuffs the gop counterproposal which calls for $800 billion in new tax revenue but without tax rate increases for the wealthy. could this tax issue deadlock the talks? >>> bank of america ceo warns the cliff must get stalled or the economy could be stifled well into 2014. >>> even more dividends pushed into 2012. coach, american eagle moving up and oracle will play out three-quarters of dividends this year. >>> more strength in housing this morning. toll brothers earnings top expectations. we'll begin with the fiscal cliff. governors are set to meet today with the president and congressional leaders. governors are concerned about the impact of deficit reduction measures on their state budgebu. the latest gop offer would overhaul the tax code, raise $800 billion in new revenue but seek $600 billion in health savings, net savings add up to about $2.2 trillion over ten years. boehner called the white house's original offer la la land and it does appear that eve

, 69 times today alone. talk about indecisiveness, does thisallfiscalcliffworries?>> it is a double-edged sword as far as the market. you can make a pretty good case for the fact that the market has come in here with all the uncertainty around the fiscal clef. if i were a betting man which i am not, i don't like to take risks but if i were a betting man i would bet the market is trending lower and under a lot of pressure because of the uncertainty generated around the fiscal cliff and the other side of that equation is folks will tell you and i have set a hundred times the markets don't lie and markets see something the financial press and the rest of us don't see because they hang in here. i don't understand it. we should be trading below, just like gold is puzzling. liz: interesting point. is puzzling, when you look at the intraday chart whether it is the dow or the and the crossing the flat line over and over why are the moves so shallow to the upside or downside. a couple points up and down and no real conviction on either side. does that happen next week? >>

on wall street. they watched the latest sparring overthefiscalcliff. stocksweighed between positive and negative territory. shares of netflix soaring more than 14% you wow! the company announced exclusive dib shun deal with disney. they will get first run streaming rights for disney films beginning in 2016. gold prices losing their shine. the commodity tumbled below $1700 a ounce hitting a one-month low. >> to our top story, no bias or bull. "money" will lay it out for you. all the talk about we can't fall off the fiscal cliff, we say why not? it may not be the worse option? maybe it is. none of them stop the problem. we'll take a look. here to crunch the numbers, stephen hayes, fox news contributor and writer for "the weekly standard." thanks for coming on to brave the math. both sides get so emotional here. it is not about emotion, it is about the numbers and what will save this country. looking at the real numbers on the fiscal cliff. we projected it out over 10 years if we show you the big full screen we made and numbers look pretty scary from a tax perspective there. if we went

let's talk aboutthefiscalcliff. touse the words of john boehner, i'm flabbergasted. >> nowhere period. we're nowhere. i'm flabbergasted. he can't be serious. i'm serious about our debt. >> cenk: i can't wait to get serious on john bainer when we come back. and later in the program the elbow of the day who 12 on? guess at @tytoncurrent. this corruption based on corruption based on corruption. >>i think that's an understatement, eliot. u>> i'm not prone tot. understatement, so explain to me why that is. i think the mob learned from wall st., not vice versa. [ male announcer ] lifts to clear obstacles. ♪ ♪ lowers to cut drag. rises to every challenge. the class exclusive air suspension in the new 2013 ram 1500. engineered to move heaven and earth. guts. glory. ram. (vo) now, it's your turn. (vo) connect with the young turks with cenk uygur. >> it's go time. >> cenk: some had hopes that in a second term president obama would be more progressive because he wouldn't have to face re-election. i thought that was very unlikely. color me surprised. because it turns out pre

,thefiscalcliff, somuch uncertainty. where do you put your money? go to the big caps. look at the winners among the big cats. not huge, but this is where people are puttinggtheir money. they want it in safety. they are not putting it in gold. if you have to be in the market, go to the big cats. that's what's happening. liz: president obama discussing the fiscal cliff, and, plus, speaking live to the iowa governor, his state facing a double whammy if we go over the cliff. what compromises he'd love to see come out of washington, and how he believes they could reach them. this is a guy who deals with the democratic senate, so, really, he knows how to cross the aisle to make it happen. david: somebody else you know about, with all the talk about tax increases, the idea of a simple flat tax dead? we'll see. forbes doesn't think so. there's a news conference along with washington lawmakers to push for the flat tax. he joins us later this hour. liz: first, what drove the marketings for today's data download. stocks ending lower, struggling for direction most of the day, unable to hold gains tra

, these are taxes no matter howthefiscalcliffworksout. and larry ellison knows it and pays to avoid a dividend tax. gets 200 million dollars. i'm still shaking my head. ambassador anna wintour? "varney & company" is about to begin. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke hgoes with people he trusts, which ishy he trades with a company that doesn't nickel and dime im with hidden fs. he caworry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. i heard you guys can sp ground for ss than the ups store. that's right. i've learned the only way to get a holiday deal is to camput. you know we've be open all night. is this a trick to t my st? male announcer break frothe holiday stss. save on ground shipping at fedex office. >> ambassador anna wintour, it's got an interesting ring, does it not? a new report says that president obama is considering the fashion magazine editor

, isn't it jacki? >>thefiscalcliffnegotiations? >> stephanie: yes. >> i love that they don't include the tax cuts for the middle class or the expiration for the bush tax cuts for the top 2%. and they are like here is our offer. if you are going to make a deal at least deal something somebody actually wants. >> yeah. >> stephanie: serious plan. they are like they won the election. >> it is totally farfetched and they are like i don't understand why he doesn't want it. >> stephanie: all right. here she is, jacki schechner in the current news. >> good morning. we already know that ashley judd can show a much wider range of emotion that some. she has been taking steps to assess her options when it comes to running for office. she is doing opposition research on herself to see where she might be most vulnerable. mcconnell will be running for his sixth term another option is to run against senator rand powell in 2016. there is a briefings tomorrow on the september 11th attack on our console consoleate attack in benghazi they the talking points were watered down by

the budget, why one group is not overly concerned about so-calledfiscalcliff. plus,options for foreclosed homeowners. new hope even if you've been kicked out of the house. how airlines are hatching ways to sock you with fees. and, what tech stock is on the chopping block from one money manager's portfolio. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's tuesday, december 4th. i'm angela miles. in today's first look: as mixed messages come out of washington on the budget, stocks tumbled yessterday. oracle is among the latest corporations trying to beat the clock on next year's expected tax increase. oracle's board has approved accelerated dividend payments for the second, third and 4th quarters of next year. nhl owners and players plan to meet today in a renewed effort to move the puck on labor talks. let's see what's going on with the market today with matt shapiro, president of mws capital. good morning to you. > > good morning angie. > this is certainly one moody market. it seems to move on every word

-calledfiscalcliff. >>this weekend on c-span3's "american history tv," follow harry truman's eldest son, as they prepared to mark the dropping of the atomic bomb on 1945. >> i know everyone has their own view. i don't want to argue survival. i think we're past that. i want to do what i can to see that this doesn't happen again. >> clifton truman daniel will join us to discuss the inspiration for his trip sunday at 9:00 p.m. eastern on c-span3. >> a report by the group securing america's future energy says the greatest threat to national and economic security is dependence on foreign oil. members of the group, business political and retired military leaders are suggesting a plan of maximizing oil and gas production, reducing consumption, and improving conservation as a way to boost revenue and reduce our debt. this is a little less than an hour and a half. >> good morning, everyone. thank you all for coming. i especially want to thank the members of the leadership council that could be with us here today. they've been a distinguished group of people working on this issue since 2006. we'r

thefiscalcliff. now,the republican plan purports to cut $1.3 trillion and raise $800 billion in new revenues. it did contain four specifics. four. cut medicare specific number one. $600 billion. cut medicaid, pays for nursing homes for seniors, of course. priority number two. three, cut the adequate cola for seniors on social security. even though 40% of seniors depend principally or totally upon social security and the cola already underestimated inflation particularly for medicare, essentials they need. cut that. not a driver of the deficit but, hey, cut that. one more specific. preserve the bush-era tax rates for income over $250,000. it's not a tax increase for everybody who earns over $250,000. it's only the income over $250,000 that would get additional taxes if the bush-era rates went away and the president's proposal was passed. but, no, they want to preserve -- totally preserve tax cuts for income over $250,000. they want to preserve the reduced capital gains rate and dividends rate which principally who ben pets, who else, millionaires and billionaires. now -- benefits, wh

house briefing for white house reaction to the negotiations on what's calledthefiscalcliffandthe republican counteroffer from yesterday coming january. in the meantime a look at the republican plan with oklahoma republican tom cole from this morning's washington journal. >> host: we want to welcome back to the table congressman tom cole, republican of oklahoma. let's begin with the news. house speaker john boehner sent a proposal to the white house yesterday, counterbid as it is being called. what do you think? >> guest: i think it is a great opening start. actually it makes very tangible with the speaker committed to after the election which is we are going to put it on the table so that question is settled and we are not talking about how much and what way, but that is an enormous step forward honestly by the republicans or concessions. not something we want to do but something we recognize we have to do to get there. so i think the speaker's proposal directs us to words what some of the problems are which are entitlement spending. that is what is driving the debt and w

.thefiscalcliffglasgowsfrom being half full to half empty and it is more immune to disappointment. they will be gone and checked out and sold. they will be replaced by strong holders. these people believe that some kind of deal is inevitable. they feel it won't have much of an impact on the economy. mellow drama even. and this is their group of strong holders. well, i should be better off going over the cliff. rich will pay more on their fair shares and higher taxes on dividends. and the bloated defense budget. unnecessary social programs. i think we aren't where we need to be when it comes to abandoning all hope. i think those people are polyannas. i think we go into a recession with lots of layoffs and the fiscal cliff was designed to pr compromise. everyone knew about the growth. fewer jobs, larger deficit. as i said last night, it doesn't matter, we can pick our stocks and buy them down. ulta salons, but i want to suggest to other groups that are going to give you bang for the buck, betting that the hope will be squeezed out and the bottom gets put in before a deal is made. wh

pulling off their own plan to deal withthefiscalcliff. connell:the white house predictably saying, no deal. the parameters are there now. we can start to imagine what a deal may look like. >> i think that is right. they have been adamant in saying we want more revenue. they have kept the rates down. they have had spending cuts. i think they will find a deal just over a trillion in revenue. dagen: it is a turnaround for the republicans to say that we will raise revenue. how they get to it is very different from anything we have heard from president obama. >> i think that the president and the democrats are dug in. they want to raise the marginal tax rates for the upper earners of america. they are willing to allow a deal to lapse rather than have the tax rate rise. connell: maybe there is not a deal taking shape. they could say something like, we will raise these rates, but instead of $250,000, it has to be $500,000 or $1 million. there are ways to play a round with this. >> i think the republicans would lose, frankly, being the majority in the house. if they go ahead and give the

their cards on the table unveilingtheirfiscalcliffcounterofferto president obama. does it actually have a chance though? will the president and congressional democrats just blow it right out of the sky? we'll break it all down. >>> plus the mississippi river in crisis. water levels dropped to historic lows threatening to bring commercial traffic to a halt and spike food prices. have you even heard about this? the head of one mississippi barge operator joins us whether a disaster can still be avoided. >>> would you sublet your name for an entire year? a bidding war breaks t for e right to one man's name. he is here to explain his bold idea and how he is cashing in. even when they say it's not it is always about money melissa: first let egg look at the day's market headlines. concern over the fiscal cliff bleeding into the u.s. manufacturing sector. factory activity in november declined for the first time in three months. the news weighted down stocks helping shed 59 points off the dow the raw materials sector hit hard by the contraction in manufacturing. shares of dupont were the biggest

. >> with 28 days left to come to a deal on thenation'sfiscalcliff, thewhite house is holding firm on its proposal to raise taxes on the wealthy. spokesman jay carney. >> the obstacle remains at this point the refusal to acknowledge by republican leaders that there is no deal that achieves the kind of balance that is necessary without raising rates on the top 2% wealthiest americans. the math simply does not add up. >> ifill: the white house proposes raising $1.6 trillion in taxes over ten years, imposing higher rates on those making more than $250,000 a year. in a letter sent to the white house today, speaker of the house john boehner rejected the president's approach, writing that republicans cannot in good conscience agree to this approach which is neither balanced nor realistic. his counter-offer, save $2.2 trillion by among other things raising $800 billion in new revenues. the plan would also raise the future eligibility age for medicare and alter medicaid to save another $600 billion. the republican plan would not increase tax rates for the wealthy. the president is campaigning for

. >> a while ago you said that conversations continue onthefiscalcliff, buta senior g.o.p. aide said there are no talks and no private communications of any kind, no emails going back and forth. if this is the case, how can you -- >> somebody on background told you that. can i just say in answer to your question, we do not schedule meetings through the press and we do not negotiate through the press. we do not give the press our proposals before we give them to the republicans. we do not go to meetings with proposals and leak them afterwards and leak them to the press. that's not the way we are operating here. conversations continue at different levels among different groups whether there are emails exchanged at this moment, i cannot say but there are conversations taking place. the president met with scores of lawmakers last night and had conversations and i'm not going to get into the details of the conversations. inconceivable to me that there wasn't meaning of the fiscal cliff. >> watch all of this at c-span dorgan take you live of the lighting 2012 capitol lighting christmas tre

. to follow up onthefiscalcliff. youcansolvethisfiscalproblemif you grow our role to position relative to everybody else's. a big problem is the percentage of government spending is more than its should be related to total gdp. if there is an easier for millet in the history of economics that -- formula ever in the history of america -- economics that more american energy equals more american jobs, i don't know what it is. it is all the jobs you have if you of a reliable supply of energy. the front page of the "the wall street journal" indicates a difficulty of connecting this cheap product we have in natural gas. we thought we would run out natural-gas as a country. connecting this cheap product with a more expensive market and getting it overseas. if we could become energy self- sufficient, that does not mean we would not buy on the world market, but if we could meet our needs in the north american markets, almost all of that money comes back to us. we have no better trading partner than canada. nafta has increased the trading capacity of mexico. it has gone somewhere from t

irrespective ofanyfiscalclifftalk.this is all thanks to obamacare? >> yeah, that's exactly right, megyn. there was a surtax in the health care law, supposedly to pay for medicare, but they raised it -- they raided the money out of medicare before it even arrived to pay for the new obamacare spending. it's 0.9% additional medicare tax on wages of high income earners, and it is 3.8% on all unearned income, so capital gains, dividends, rental income, interest, any other unearned income has this new 3.8% surtax, and that's on top of whatever might happen in these fiscal cliff talks. megyn: so that is happening. if you make $200,000 as an individual or 250 as a family, it's happening as of january 1. >> well, looks that way. my parsing of speaker boehner's offer in the fiscal cliff talks is that this is going to happen no matter what. they talked about holding the line -- megyn: no, wait, wait, wait, let me interrupt because i just don't want to confuse the two, because all the taxes are confusing. i'm saying this surtax, this .9 income tax surtax, and then this 3.8% surtax on nearly all cap

: let's go to our next caller in massachusetts. the democrats line. caller: looking atthefiscalcliff, wego back to 2001 with the lowering of the tax rates, meant to create jobs. but in the past 10 or 11 years, we have not had any job creation whatsoever. we keep going back and hearing over and over again that it's going to cost jobs. we do not have jobs to begin with. businesses are out to make money. if consumers do not have money to spend, then you can lower their taxes to 0%. they still cannot spend because they do not have any income. guest: i think that is a great point. it brings up one thing we have not mentioned yet. the payroll tax cut is about to expire. if that expires, every paycheck in the country is going to go down about $1,000 on january 1st. that would hurt consumption. it would hurt the customers of businesses. the president has proposed to extend that. i think that is reasonable. we will see a firm public and keep up their opposition or they give in. we have a sleeper here that cannot be ignored. if we do not extend that, every paycheck in the country is going to

to avertthatfiscalcliffthatwe hear so much about. yesterday, after weeks of delay, and as the days dwindle and taxes are set to go up for millions of families and businesses, republicans in the house finally showed up at the negotiating table. and now we know why they've been holding their cards so close it their vest. their proposal would raise taxes on millions of middle-class families. their plan to raise $800 billion in revenue by eliminating popular tax deductions and credits would reach deep into pockets of middle-class families. republicans are so intent on protecting low tax rates for millionaires and billionaires, they're willing to sacrifice middle-class families' economic security to do so. at the first of the year, middle-class families, will get an average of $200 i,200 in additional taxes they'll have to pay. their proposal was short on specifics but we do know from independent analysis that it is impossible to raise enough revenue and make a dent in our deficit without using one of two things -- raising tax rates on the top 2% or raising taxes on the middle class. an

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